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CANADA: CANADA POLICY: Prime Minister Justin Trudeau approves Trans Mountain
pipeline expansion, allowing more crude oil to move from Alberta to Pacific
-Project should curb price discounts on oversupply of oil sent to refineries
around Texas, something that costs Canada at least C$10b a year.
-Bank of Canada has cited transportation constraints in its outlook for
production of oil, one of Canada's top exports. Delay in approving Trans
Mountain after a court rejection has also hurt Trudeau in western Canada before
October election, with polls saying he's trailing Andrew Scheer's Conservatives.
-Government bought the pipeline after a private company balked at construction
permit uncertainty. Trudeau said today construction will start this year.